$10 million gift to Sage is largest ever

1970 graduate Donna Esteves aims to help college fulfill its potential, as it did for her

Updated 8:56 pm, Thursday, March 1, 2012

Donna Esteves, a 1970 Russell Sage graduate and chairwoman of the board of trustees, addresses those gathered during an event at The Sage Colleges Albany campus on Thursday, March 1, 2012 in Albany, NY. Esteves gave $10 million to the school, with a portion being dedicated to the education school. In honor of her gift, the School of Education will be named the Esteves School of Education. (Paul Buckowski / Times Union)

Donna Esteves, a 1970 Russell Sage graduate and chairwoman of the...

Lori Quigley, left, dean of the Esteves School of Education, hugs Donna Esteves during an event at The Sage Colleges Albany campus on Thursday, March 1, 2012 in Albany, NY. Esteves gave $10 million to the school, with a portion being dedicated to the education school. In honor of her gift, the School of Education will be named the Esteves School of Education. (Paul Buckowski / Times Union)

Lori Quigley, left, dean of the Esteves School of Education, hugs...

Lori Quigley, left, dean of the School of Education, and Donna Esteves talk to members of the media during an event at The Sage Colleges Albany campus on Thursday, March 1, 2012 in Albany, NY. Esteves gave $10 million to the school, with a portion being dedicated to the education school, which will be named the Esteves School of Education. (Paul Buckowski / Times Union)

Lori Quigley, left, dean of the School of Education, and Donna...

Susan Scrimshaw, president of the Sage Colleges, addresses those gathered during an event at The Sage Colleges Albany campus on Thursday, March 1, 2012 in Albany, NY, to announce a $10 million donation. (Paul Buckowski / Times Union)

Susan Scrimshaw, president of the Sage Colleges, addresses those...

Faculty, staff and guests applaud as a $10 million dollar gift is announced during an event at The Sage Colleges Albany campus on Thursday, March 1, 2012 in Albany, NY. Alumna Donna Esteves donated the money, with a portion being dedicated to the education school, which will be renamed the Esteves School of Education. (Paul Buckowski / Times Union)

TROY — The Sage Colleges have received a major new donation that is the largest in the school's history and will offer a significant boost to its education programs.

On Thursday, the school announced that it has received $10 million from Donna Esteves, a 1970 Russell Sage graduate and chairwoman of its board of trustees. Esteves is a former teacher and the money is designated for the school's education program, which will be renamed the Esteves School of Education. Some of the money will also be used to boost the endowment and some renovation projects.

"Sage is poised to take its rightful place at the forefront of comprehensive private colleges that are nimbly adapting to the changing educational and economic landscape," Esteves said in a statement. "I am gratified that I can help Sage fulfill its potential — as it did the same for me."

The Sage Colleges include the all-female Russell Sage College in Troy and the Sage Colleges campus in Albany, as well as graduate programs on both campuses.

In today's dollars, the gift surpasses the school's founding donation by Margaret Olivia Slocum Sage in 1916. It is worth half of the school's $20 million endowment.

In 2010, Esteves donated $1.5 million to Sage at a time when it was facing a bleak financial future. Moody's Investor Services had downgraded its debt to junk status and the school had operated in the red for years. In the last two years, the school's endowment has dropped from $28 million.

Under President Susan Scrimshaw, the school has seen a financial turnaround and growth in enrollment. The school has seen a boost in applications by 50 percent and has used innovative programs like tuition freezes and a 3-year degree to attract students.

After leaving her teaching career, Esteves made her fortune by founding the Free Lighting Corp., which employed women to install energy-efficient lighting in homes. Scrimshaw said the donation was as noteworthy an event in the school's history as its founding grant.

"Just as Sage's history of providing education to women in the early 1900s was made possible by the generosity of one progressive woman, Margaret Olivia Slocum Sage, so does this generous investment by one woman strengthen the Sage of today and ensure that it enters its next century as an innovative modern educational institution," Scrimshaw said.